Leasing Agent Exam Questions With 100% Correct Answers

Leasing Agent Exam Questions With 100% Correct Answers The statue of fraud in Illinois states: a. All leases must be in writing. b. Leases for less than a year are enforceable if oral, even if they cannot be completed within a year of their making. C. Contracts entered into by minors are void. d. That leases for more than a year or that cannot be completed within a year of their making must be in writing to be enforceable. - answera. All leases must be in writing. George rents an apartment signing a lease for one year, starting October 1st. He pays the 1st month's rent and pays an amount equal to one month's rent as a security deposit. If, after 4 months, George moves out of the apartment having paid rent for the full 4 months... a. George is responsible for the rent for the remaining 8 months only.. b George is responsible for the remaining rent plus the security deposit. C.George is not responsible for the remaining 8 months if he had to move to another city and had no choice. d. George is responsible for the rent plus any expense incurred to re-rent the apartment for the remaining 8 months, less the amount of rent the landlord collects from a new tenant during the remaining term of the lease. - answera. George is responsible for the rent for the remaining 8 months only.. A tenant has signed a lease for 1 month starting October 1st and ending October 31st. The lease is an: a. Estate from period to period b. Estate for years c. Estate at sufferance d. Estate at will - answerb. Estate for years Under the Illinois Law of Agency... a. Only the lessee can be your principal. b. Only the lessor can be your principal. 30 85 c. You can represent either the lessee or the lessor. d. You can represent both the lessor and the lessee provided that you make proper disclosure and obtain written consent from each. - answerd. You can represent both the lessor and the lessee provided that you make proper disclosure and obtain written consent from each. Any personal property being rented with the lease should be mentioned in the lease. These items would include: a. The water heater b. The furnace c. The stove and the refrigerator d. The light fixtures - answerd. The light fixtures The majority of residential leases are: a. Gross leases b. Net leases c. Triple net leases d. Percentage leases - answerb. Net leases It is unlawful to provide in a residential lease: a. That pets are not allowed on the premises b. That smoking is not allowed within the leased premises c. That service animals are prohibited upon the premises, whether they belong to a tenant or a tenant's visitor. d. That bicycles are not allowed to be stored in the premises - answerC. That service animals are prohibited upon the premises, whether they belong to a tenant or a tenant's visitor. It is lawful to inquire about which of the following in the application for a lease? a. Race of applicant b. Religion of applicant c. Source of income of applicant d. None of the above should be asked - answerd. None of the above should be asked Under the Illinois Human Rights Act, it is illegal to ask in an application: a. How many people will live in the apartment b. The sexual preference of the applicant c. Credit information such as where the person works and for how long d. Former landlord's name and telephone number. - answerb. The sexual preference of the applicant All security deposits must be placed in an escrow account... a. By the leasing agent representing the lessor b. By the leasing agent of the broker who represents the lessor. c. By the broker of the leasing agent representing the lessee d. By the broker of the leasing agent representing the lessor. - answerd. By the broker of the leasing agent representing the lessor. Tom signs an application for an apartment and places a security deposit which the lessor's agent's broker places in an escrow account. Two days later, Tom say he has found a better apartment for the same price and wants his money back. a. The broker should return Tom's money b. The broker should obtain the listing agent's permission to return Tom's money. c. The broker should give careful consideration to the situation before making his decision. d. The broker who has the listing should get permission in writing from the lessor and the potential lessee to return the earnest money. - answerd. The broker who has the listing should get permission in writing from the lessor and the potential lessee to return the earnest money. Illinois Law regarding security deposits for rental a. Are different from security deposits for sale in that no ledger must be kept. b. Being that they are for the benefit of the lessor, they do not need to be put in an escrow account. c. Can be used by the broker provided he returns the money when it is due with accrued interest